Huntington Bancshares to buy $338.9M in notes

AP News
Posted: Nov 20, 2009 5:57 PM

Huntington Bancshares Inc., parent company of Huntington National Bank, said Friday that it will pay $338.9 million for subordinated bank notes tendered for an offer that expired Thursday.

Huntington, based in Columbus, Ohio, had offered to buy notes with a principal amount up to $400 million.

The expected settlement date for the offer is Monday. After settlement, another $429.2 million in subordinated bank notes will remain outstanding.

The sum includes $370.8 million in notes tendered plus accrued and unpaid interest.

Sandler O'Neill & Partners LP is the dealer manager for the offer.

Huntington shares fell 5 cents to $3.78 on Friday.